Which of the following are characteristics of a perfectly competitive market? Check all that apply. There is a large number of firms in the market
Which of the following are characteristics of a perfectly competitive market? Check all that apply. There is a large number of firms in the market
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter22: Perfect Competition
Section: Chapter Questions
Problem 4QP
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Which of the following are characteristics of a perfectly competitive market? Check all that apply.
There is a large number of firms in the market.
Entry and exit are difficult.
The product is homogeneous.
There are very few firms.
Does a Kansas wheat farmer operate in a perfectly competitive market structure?
No, because there is no easy entry into or exit from the wheat market.
Yes, because the wheat market conforms closely to the perfectly competitive market structure.
No, because no real-world market closely fits the three assumptions of perfect competition.
Yes, because there are very few wheat farms.
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